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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Question 32 Chapter 15 – Class 11 Unimax
The following is the Trial Balance of Shri Ram as at 31st March, 2020:
| Particular | Debit (₹) |
Credit (₹) |
| Land and Building | 85,500 | |
| Plant and Machinery | 25,500 | |
| Furniture and fixtures | 28,500 | |
| Motor vehicles | 28,500 | |
| Opening stock | 45,000 | |
| Purchases / Sales | 3,15,000 | 3,78,000 |
| Return | 6,000 | 3,000 |
| Carriage inwards | 600 | |
| Carriage outwards | 1,200 | |
| Wages and Salaries | 2,400 | |
| Salaries and Wages | 12,000 | |
| Discount | 1,200 | 600 |
| Commission | 900 | 1,200 |
| Interest | 1,500 | 1,800 |
| Rent, Rates and Taxes | 1,800 | |
| Repairs | 360 | |
| Insurance | 2,160 | |
| Printing and Stationery | 360 | |
| Water and Electricity | 720 | |
| Postage and Telegrams | 300 | |
| Travelling expenses | 960 | |
| Conveyance charges | 720 | |
| Entertainment expenses | 720 | |
| Staff welfare expenses | 720 | |
| Sales promotion expenses | 1,440 | |
| Bad debts | 600 | |
| Depreciation | 12,000 | |
| Miscellaneous expenses /income | 600 | 900 |
| Debtors / Creditors | 1,23,000 | 30,000 |
| Bill Receivable / Bill Payable | 6,000 | 960 |
| 12% investments (Purchased on 1.10.2019) | 30,000 | |
| Loan from Bank (long term) | 32,400 | |
| Cash in hand | 3,000 | |
| Cash at bank | 6,000 | |
| Drawings | 6,000 | |
| Sales Tax collected | 2,400 | |
| Capital account | 3,00,000 | |
| 7,51,260 | 7,51,260 |
Additional Information : closing stock as on 31.3.2020 was 25,200.
Required ;pass the necessary adjusting entries and closing entries and prepare the trading and profit s loss account for the year ending on 31st march ,2020 and a balance sheet as on that date.
Trading A/c, Profit & Loss A/c for the year ended 31st March, 2020
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Opening stock | 45,000 | By Sales | 3,78,000 | ||
| To Purchases | 3,15,000 | Less return | 6,000 | 3,72,000 | |
| Less return | 3,000 | 3,12,000 | By Closing stock | 25,200 | |
| To Carriage Inward | 600 | ||||
| To Wages & Salaries | 2,400 | ||||
| To Gross profit c/d | 37,200 | ||||
| (and transferred to P & L A/c) | |||||
| 3,97,200 | 3,97,200 | ||||
| To Carriage outwards | 1,200 | By Gross Profit b/d | 37,200 | ||
| To Salaries and Wages | 12,000 | By Discount | 600 | ||
| To Discount | 1,200 | By Commission | 1,200 | ||
| To Commission | 900 | By Interest (interest on invest given) | 1,800 | ||
| To Interest | 1,500 | By Misc. Income | 900 | ||
| To Rent, Rates and Taxes | 1,800 | ||||
| To Repairs | 360 | ||||
| To Insurance | 2,160 | ||||
| To Printing and Stationery | 360 | ||||
| To Water and Electricity | 720 | ||||
| To Postage and Telegrams | 300 | ||||
| To Travelling expenses | 960 | ||||
| To Conveyance charges | 720 | ||||
| To Entertainment expenses | 720 | ||||
| To Staff welfare expenses | 720 | ||||
| To Sales promotion expenses | 1,440 | ||||
| To Bad debts | 600 | ||||
| To Depreciation | 12,000 | ||||
| To Miscellaneous expenses /income | 600 | ||||
| To Net Profit c/d | 1,440 | ||||
| (and transferred capital) | |||||
| 41,700 | 41,700 | ||||
BALANCE SHEET OF SHRI RAM AS ON 31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Capital | 3,00,000 | Land and Building | 85,500 | ||
| Add net profit | 1,440 | Plant & Machinery | 25,500 | ||
| Less Drawing | 6,000 | 2,95,440 | Furniture & Fixture | 28,500 | |
| Sales tax collected | 2,400 | Motor Vehicles | 28,500 | ||
| Creditors | 30,000 | Debtors | 1,23,000 | ||
| Loan | 32,400 | Bills receivable | 6,000 | ||
| bills payable | 960 | Investments | 30,000 | ||
| Cash in hand | 3,000 | ||||
| Cash at bank | 6,000 | ||||
| Closing stock | 25,200 | ||||
| 3,61,200 | 3,61,200 | ||||
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 32 Chapter 15 – Class 11 Unimax", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 15 - Financial Statements (Without Adjustments) - Unimax.
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